Jacobs completes £250m purchase of Wood nuclear arm

Aaron Morby 3 years ago
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Global engineering giant Jacobs has sealed the £250m purchase of Wood Group’s specialist nuclear operations.

Wood nuclear boss Clive White will head merged business
Wood nuclear boss Clive White will head merged business

The Wood nuclear business designs, delivers and maintains strategic and complex nuclear assets primarily in the UK and brings around 2,000 staff into the Jacob’s business, expanding it to 11,000 staff, mainly in locations across Cheshire and Cumbria.

Jacobs said it now planned to expand the business recruiting 300 to 400 employees into highly-skilled roles over the next year.

Its plans also include investment in the UK’s largest independent nuclear research, development and testing facilities at Birchwood Park, near Warrington to provide capability such as remote handling, cyber, inspection technology and test rig facilities.

Moving forward, Clive White of Wood Nuclear will lead the new combined business as senior vice president of Critical Mission Solutions – International, reporting to Dawne Hickton executive vice president and COO of Critical Mission Solutions.

Leveraging Jacobs’ industry-leading integration approach, a joint Jacobs-Wood Nuclear Integration Management Office has been formed and is working to oversee the integration process, building on the strong cultural foundations of both organisations to maximise the value of the new entity.

In 2018, Wood’s nuclear business pre-tax profit reached £12m with full-year revenue of around £235m and gross assets valued at £383m.

Wood said the sale proceeds would be used to cut debt. The firm originally acquired nuclear engineering and safety consultancy capabilty when it acquired rival Amec Foster Wheeler in 2017.

Jacobs CEO Steve Demetriou, said: “Bringing together Wood Nuclear within Jacobs’ Critical Mission Solutions business provides a powerful platform to support clients’ complex programmes and help accelerate commitments to a more sustainable future.

“With our shared values, technical heritage and global reach, we are combining complementary capabilities to deliver high-value, differentiated nuclear and defence solutions for our clients and greater opportunities for our people across our diverse portfolio.”

 

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